Unemployment Roles At Record 5.56 Million

By Justin Gardner | Related entries in Economy, Jobs

There have been a few bright spots on the economic front lately (stock market, home sales), but since employment is a trailing indicator it’s probably not going to get better any time soon.

And to that point, last week’s jobless claims were 652,000, bringing the total to the number in the title.

Credit Writedowns has more…

What do the figures tell us? Well, the year-on-year comparisons with and without seasonal factors are now basically identical. In both measures, we are losing jobs at a pace of 300,00 more than last year at this time. This is the 10th week in a row that the NSA (non seasonally-adjusted) numbers have been at this level. In my view, this can only mean that layoffs, while high, are not rising significantly. It also means that seasonal adjustments will be less of a factor until summer.

On the other hand, the unemployed are finding it hard to get a job. The SA, the NSA and year-comparison numbers are all getting worse. For example, there are 3 million more people unemployed than there were at this time last year. 6 months ago, that figure was only 800,000.

More as it develops…

This entry was posted on Friday, March 27th, 2009 and is filed under Economy, Jobs. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “Unemployment Roles At Record 5.56 Million”

  1. unemployment benefits Says:

    Unemployment is indeed a trailing indicator, and also a poor reflection of the true unemployment situation in America. The official unemployment rate doesn’t include people who have given up on their job search, those who are under-employed, and the scores of new workers (recent high school and college graduates, as well as summer workers) who can’t find a first job.

Leave a Reply


You must ALWAYS fill in the two word CAPTCHA below to submit a comment. And if this is your first time commenting on Donklephant, it will be held in a moderation queue for approval. Please don't resubmit the same comment a couple times. We'll get around to moderating it soon enough.

Also, sometimes even if you've commented before, it may still get placed in a moderation queue and/or sent to the spam folder. If it's just in moderation queue, it'll be published, but it may be deleted if it lands in the spam folder. My apologies if this happens but there are some keywords that push it into the spam folder.

One last note, we will not tolerate comments that disparage people based on age, sex, handicap, race, color, sexual orientation, national origin or ancestry. We reserve the right to delete these comments and ban the people who make them from ever commenting here again.

Thanks for understanding and have a pleasurable commenting experience.

Related Posts: